Bill Text: NY A08358 | 2017-2018 | General Assembly | Introduced

New York Assembly Bill 8358 (Prior Session Legislation)

Introduced

Bill Title: Relates to the powers of the New York state industrial development agency.

Spectrum: Partisan Bill (Democrat 7-0)

Status: (Introduced - Dead) 2018-01-03 - referred to local governments [A08358 Detail]

Download: New_York-2017-A08358-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                          8358
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                      June 12, 2017
                                       ___________
        Introduced by M. of A. MAGNARELLI, SCHIMMINGER -- read once and referred
          to the Committee on Local Governments
        AN  ACT to amend the general municipal law, in relation to the powers of
          the New York state industrial development agency
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section 1. Subdivisions 16 and 17 of section 858 of the general munic-
     2  ipal  law,  as renumbered by chapter 356 of the laws of 1993, are renum-
     3  bered subdivisions 19 and 20 and three new subdivisions 16,  17  and  18
     4  are added to read as follows:
     5    (16)  To  provide  loans  to  any private or public corporation or any
     6  legal entity provided said loan is memorialized in an  appropriate  loan
     7  agreement and further provided that the loan proceeds are used in furth-
     8  erance of the agency's corporate purposes;
     9    (17)  To  provide  grants  to any private or public corporation or any
    10  legal entity provided said grant is memorialized in an appropriate grant
    11  agreement stipulating the services to be provided in furtherance of  the
    12  agency's corporate purposes;
    13    (18)  Notwithstanding  any  other law, to provide seed and early-stage
    14  equity funding to any  private  corporation  or  any  legal  entity,  in
    15  accordance with a plan to be developed by the agency, located within, or
    16  to  be located within, the municipality for whose benefit the agency was
    17  created and that is in the seed, early stage or venture stage of  devel-
    18  opment and that has the potential to generate additional economic activ-
    19  ity  in  New  York  state  provided, however, that funds received by the
    20  beneficiary private corporation or legal entity shall be returned if the
    21  beneficiary private corporation or legal entity leaves the  municipality
    22  for  whose  benefit the agency was created within a period of time to be
    23  established by the agency;
    24    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11693-02-7